The biggest energy deadline in American history...



Daily Market Alert



Tuesday, October 6, 2026 • Daily Market Alert

You are receiving this email because you are subscribed to Daily Market Alert,
a publication from Behind the Markets.
If you no longer wish to receive these sponsored emails, please unsubscribe
here
<[link removed]>
.




Sponsored Content




Fellow Investor,



The biggest energy deadline in American history...



Just aimed its full firepower at ONE company.



See, on July 4th, the One Big Beautiful Bill Act killed the federal tax
credits that powered alternative energy for years.



But here's what almost nobody knows:



When the White House killed credits for solar, wind, EVs, and every other
renewable energy source in America…



They left one untouched.



Not only that - they reclassified it alongside oil and nuclear...



And gave it eight years of credits.



Because in June 2025, a drilling crew working near the Grand Canyon...



Unearthed a well of clean energy producing almost 8 times the output of the
largest oil well in Saudi Arabia...



Capable of powering civilization for two million years.



Right here on American soil.



Everything changed that day.



Google signed a 15-year contract...



Bill Gates wrote a $100 million check.



And on July 4th, the government handed this energy source its biggest
advantage ever.



One company owns the entire chain.



Time is running out to be an "early investor."



I recommend placing your trade at tomorrow's market open.



Go here now for the Grand Canyon breakthrough ticker >>
<[link removed]>



"The Buck Stops Here,"

Dylan Jovine, CEO and Founder

Behind the Markets

Full Details > <[link removed]>

 


Suggested Reading by Morning Watchlist from Behind the Markets:

Two lines have formed on Wall Street

Morning Watchlist: Tuesday Edition

Two lines formed on Wall Street last week.

One was outside the private credit industry: investors asking for their money
back and being told — again — that most of them can't have it. The other formed
inside a conference room, where bankers began assembling $60 billion of new
debt to buy AI chips.

Money pounding on a locked door in one building; money signing a long lease
next door. Both lines run through the same bond market — which takes delivery
this week, as the Treasury auctions $119 billion of notes and bonds with the
10-year yield near 5.28%.

Three stories this morning. Three pairings. Let's get into it.

1) The Line Outside the Locked Door

On Friday, Blue Owl Capital capped withdrawals from two of its private credit
funds — again. Investors in the two vehicles asked to pull 39% and 17% of their
money this quarter. The funds will honor 5%. Apollo and Ares capped funds the
same way earlier this year, Partners Group just split its flagship
private-equity fund, and a string of borrower failures has kept the $1.8
trillion sector's nerves raw. Blue Owl closed Friday at $9.08 — roughly a third
of its early-2025 peak — yielding 10%, a payout the market plainly doesn't
believe.

For a decade, private markets sold illiquidity as a feature: you can't
panic-sell what you can't sell. That slogan is now being tested. A gate stops a
redemption. It doesn't stop the need for cash. An institution that can't get
out through the front door sells its fund stake out the side — on the secondary
market, at a discount, to whoever has ready money.

Somebody runs that consignment shop.

The pairing: StepStone Group (STEP) — Buy

StepStone is a $5.5 billion private-markets firm that invests on behalf of
pensions and sovereign funds — and runs one of the industry's larger
secondaries platforms, the desks that buy fund stakes from sellers who need
out. It just closed a $1.7 billion infrastructure secondaries fund. Think of an
estate sale on a street where every house is locked: the one buyer walking the
sidewalk with cash doesn't just get a deal. He sets the price.

The market sold StepStone with the panic. At Friday's close of $45.27, the
stock sits 42% below its 52-week high while the business grew: June-quarter
management fees rose 27%, fee-related earnings rose 30% at a 39% margin, and
assets under management reached $245 billion, up 23%. The price of that: about
15 times next year's expected earnings. The S&P 500: 21. The dividend —
including a supplemental payout — runs about 4%, and nine covering analysts say
Buy, average target $69.56, more than 50% above the price. One accounting note,
the same caveat we gave at Jackson and Global Payments: the GAAP line shows a
loss driven by equity-compensation charges — fee-related earnings are the run
rate.

The honest risks. StepStone sells funds to wealthy individuals too, in the
same evergreen wrappers now making headlines — if the gating panic reaches its
own vehicles, the consignment shop becomes the seller. Performance fees fell
28% last quarter. And a genuine freeze in private-markets fundraising starves
the fee engine.

2) The AI Boom Took Out a Mortgage

Here's the other line. Bloomberg reported Friday that Broadcom has started
assembling $60 billion of debt — a $42 billion senior-secured slice syndicated
through banks, plus an $18 billion junior slice led by Blackstone — to finance
custom AI chips for Anthropic, which is expected to become Broadcom's largest
compute customer next year. The same week, Nvidia touched a record high near
$238 — a market value around $5.5 trillion — days after authorizing a $150
billion buyback, the largest in stock market history.

See the turn? For three years, the AI build-out was paid for out of cash
flow. Now the financing has moved to the bond market: Broadcom's $60 billion,
Oracle's borrowing, a widening web of leases and special vehicles, all priced
against a 5.28% ten-year. We've owned the bulldozers, the switchgear, and the
optical fiber of this build-out. Today we're interested in the paperwork.
Because every IOU in a land rush, whoever wins the land, crosses one desk on
its way to a buyer.

It needs a grade.

The pairing: Moody's (MCO) — Buy

Moody's is the notary of the debt boom — one half of the ratings duopoly that
stamps nearly every bond that wants institutional money. It rated a record $6.6
trillion of debt in 2025. Its private-credit ratings revenue grew nearly 60%
last year — gates and all, opaque credit is exactly what investors now demand
an independent grade on, and Moody's just launched a credit-risk model built
for that market. Management projects debt-funded M&A issuance up 40–45%.

And the stock is having a rare off year: down 13% in 2026 to $441, against a
52-week range of $379 to $547, at about 28 times earnings — a premium to the
S&P's 21, but below its own usual altitude in the 30s. Twenty-four analysts
rate it a Buy, average target near $562, about 27% above the price. A large
cap, but the pairing is the strength — the same exception we made for Goldman.

The honest risks: 28 times is no bargain cushion — quality at a fair price,
not a washout. A rate shock that slams the issuance window shuts the toll
booth, the same risk we carry at Goldman and Nasdaq. And if the private-credit
cleanup turns into a hunt for someone to blame, the raters have sat in that
witness chair before. The kill: issuance actually contracting while the
multiple stays premium.

3) A Hundred Million Barrels of Relief

Quietly, on Friday, the G7 agreed to release up to 100 million barrels of
diesel and crude from strategic reserves — substantial diesel within 20 days,
the rest over four months — after the Gulf war and Russian export bans drove
diesel to a record $6.52 a gallon in late September. Analysts project 25 to 50
cents a gallon of relief. Macron's words: "This common decision and this unity
should bring down prices." Oil fell about 2% Friday, to $91.11, even as OPEC+
held its November quotas.

Continue Reading →
<[link removed]>


At Daily Market Alert <[link removed]>,
our priority is delivering insightful perspectives on the financial landscape
straight to our audience.The content above is an important message from one of
our highly valued sponsors.






This email is sent on behalf of Daily Market Alert, a Behind the Markets LLC
("the Company") publication, including its managers, employees, and assigns.
The Company does not provide any guarantee or warranty regarding the accuracy
or reliability of the information advertised herein.

The Company is not affiliated with any specific security mentioned in this
email, nor does it receive compensation from any such entity

Please be advised that the Company is not registered or licensed by any
governing body in any jurisdiction to offer investment advice or
recommendations.

None of the content in this email should be construed as personalized
financial advice. Any investment decisions made based on the information
provided should be done so only after consulting with a qualified investment
advisor and conducting a thorough review of the relevant prospectus or
financial statements

You are receiving this because you signed up for the Daily Market Alert
newsletter.

Daily Market Alert is a Behind the Markets <[link removed]>
Publication.

Behind the Markets, LLC

4260 NW 1st Ave #55, Boca Raton, FL.

Unsubscribe
<[link removed]>
Terms of Use <[link removed]> Privacy Policy
<[link removed]>